BITSO Review 2018

BITSOReview

Established in 2014 by 3 individuals by the name of Ben Peters, Daniel Vogel, and Pablo Gonzalez, Bitso is a pioneering cryptocurrency exchange based in Mexico. The exchange headquarter is located in Campos Eliseos, 400 601B, Col. Polanco Reforma, México DF, México. Bitso is the first cryptocurrency exchange in the industry to offer cryptocurrency trading against the Mexican peso. Apart from cryptocurrency trading services, Bitso also offers cryptocurrency payment services from Mexican merchants.

Contents

The exchange was established with the primary goal of helping to bring Mexico’s unbanked population into the fold of the formal economy as Bitcoin is seen as a mechanism that can help to increase transaction speed as well as decreasing transaction cost. Thus by providing a venue for Mexicans to buy and sell Bitcoin and Ethereum with support for fiat currencies, Bitso is helping to facilitate the acceptance of cryptocurrencies in Mexico.

You can utilize the Bitso platform as a wallet or as a cryptocurrency exchange. Once you have signed up for an account on Bitso, you will be able to access both services. The wallet service provided by Bitso allows you to deposit and withdraw cryptocurrencies as well as to convert them to other cryptocurrencies. The exchange service, on the other hand, is geared more toward trading cryptocurrencies.

Bitso Wallet

The Bitso wallet supports four main types of cryptocurrencies, Bitcoin, Bitcoin Cash, Ethereum, and Ripple. Apart from letting you have an overview of your balances, the wallet also lets you check your deposits and withdrawals history.

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With the Bitso platform, you can easily convert between fiat currencies and cryptocurrencies. Simply select the amount of fiat currency that you wish to exchange for the coin of choice. The platform will automatically execute the conversion at the latest market price. The platform also allows you to sell your cryptocurrencies so you can get fiat currencies in return. Besides from the simple buy and sell process, Bitso trading platform also comes with additional features such limit order where you can set your market order to be processed only at a specified price level. At the lower part of the trading screen, you will be able to review some of your previous transactions. Overall, Bitso platform is simple and easy to use.

Bitso Mobile App

In addition to the web-based wallet and trading platform, Bitso has also made available a mobile app where you can continue buying and selling cryptocurrencies directly from your smartphone. The app also lets you receive and send cryptocurrencies anywhere in the world.

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Deposit and Withdrawal Options

As Bitso is focused on the Mexican cryptocurrency trading scene, it has provision for deposit and withdrawals through the Mexican SPEI banking network. In terms of the deposit methods supported by Bitso, they consist of the following methods:

  • International Bank Wire
  • Ripple Gateway
  • SPEI Network

For withdrawals, these methods are available:

  • Bitcoin Withdrawals
  • Ether Withdrawals
  • International Bank Wire
  • Ripple Gateway
  • SPEI

Fees and Charges

Normally for trades that meet the minimum trading volume, the fee charged by Bitso is fixed at 1%. However, with volume trading, Bitso do offer discounts based on the volume traded. The discount offered varies between Bitcoin and Ethereum. The following table below shows the applicable fees for BTC/MXN:

Fee 30 days Volume
1.00

0.95

0.90

0.85

0.80

0.75

0.70

0.65

0.60

0.55

0.50

0.45

0.40

O.35

0.30

0.25

0.22

0.20

0.18

0.16

0.14

0.12

0.10

0-1

1-2.5

2.5-4

4-6.5

6.5-9

9-12

12-18

18-25

25-32

32-40

40-55

55-75

75-100

100-125

125-160

160-200

200-250

250-320

320-650

650-750

750-850

850-3000

3000-10000000

For the ETH/MXM cryptocurrency pair, the following fees are applicable:

Fee 30 days Volume
1.00

0.95

0.90

0.85

0.80

0.75

0.70

0.65

0.60

0.55

0.50

0.45

0.40

O.35

0.30

0.25

0.20

0.15

0.10

0-50

50-125

125-200

200-325

325-450

450-600

600-900

900-1250

1250-1600

1600-2000

2000-2750

2750-3750

3750-5000

5000-6250

6250-8000

8000-10000

10000-12500

12500-16000

16000-100000000

For deposits, there is no fee applicable. For withdrawals through SPEI and the Ripple Gateway, there is no fee. However, for withdrawal through Bitcoin and Ethereum, the fees are 0.001 BTC and 0.0025 ETH respectively.

Privacy and Security

As Bitso support fiat currency trading as well, verification is required to comply with KYC protocols as well as AML legislation. Bitso has 3 levels of verifications and each level with its own benefits.

As for the security measures at Bitso, the measures adopted include multisig wallets and 2-factor authentication.

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Customer Support

The customer support service at Bitso is in the form of a comprehensive help center, support ticket, and live chat. The help center contains an FAQ, buying a guide, video tutorials, and written tutorials as well.

Pros and Cons

Pros

  • Comprehensive Help Center
  • Low Fees
  • Selection of Cryptocurrencies
  • Support Fiat Currencies

Cons

  • Limited choices of cryptocurrencies
  • Only support Mexican peso

FAQ

  • How do I sell my Bitcoin holdings?

You can sell your Bitcoin through “Quick sale” or by “Limited Sale”. For “quick sale”, log in at here For a limited sale, place the sale at the price that you want and wait until the offer is taken up.

  • I lost my transaction NIP. What should I do?

Log in to your Bitso account to reset it. Fill in the details on the reset form and you will receive an email link to confirm your new NIP.

  • How can I make a BTC withdrawal?

To withdraw BTC from your account, go to the withdrawal section and key in the amount that you want to withdraw. Next, enter the address that you want to withdraw to. Finally, key in your transaction NIP. If everything is in order, your withdrawal request will be processed within a few minutes. Take note that the minimum withdrawal amount is 0.001 BTC.

  • I made a withdrawal request and it has not been processed yet.

If your withdrawal request is pending for more than 10 minutes, please contact customer support.

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Conclusion

Overall, Bitso is a safe and secure cryptocurrency exchange. The fact that they also support fiat currency deposits is an added plus even though it is only just Mexican peso. We like the fact that their fees are low and they support trading for several types of cryptos and not just Bitcoin. Their help center is also fairly comprehensive with sufficient materials to give you a good idea what cryptocurrency trading is all about.

BITSOUser Reviews

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BITSOFeatures

Coins Available
  • Bitcoin
  • Bitcoin Cash
  • Ethereum
  • Ripple
  • Litecoin
Accepted Countries
  • Mexico

Payment Method

Deposit Options
Withdrawal Options
Company Information
Exchange DetailsInfo
Headquarters CountryMexico
Typechange
Trading AllowedYes
Contact Information

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